During the last week, the Canadian agency Citizenship and Immigration Canada has announced that it will launch new visa program for entrepreneurs. The program will open in April 2013 and it will be named Start-up visa. According to the Canadian Immigration minister Jason Kenney, the new visa will help Canada to attract many of the best entrepreneurs in the World, who will launch their companies there and thus contribute to the global competitiveness of the country’s economy. In addition to that the press release of the Citizenship and Immigration Canada claims that the new program will connect entrepreneurs with private sector organisations in Canada that have experience working with start-ups and who can provide essential resources.
The plan will bring the applying entrepreneur together with Canadian venture capitalist companies, who will provide start-up funding after the visa has been granted. CIC has arranged to collaborate initially with two venture capital associations; Canada’s Venture Capital & Private Equity Association (CVCA) and the National Angel Capital Organisation (NACO). CIC says that it is also working with the Canadian Association of Business Incubation so that they too can become involved soon.
A lot of details about the new program are still not published, but CIC says that by attracting talented individuals from all over the world it will create “one of its kind” visa program that does not have analogue in any other country. Nevertheless the Citizenship and Immigration Canada still has not disclosed how many visas or funding will be available. Nor has it explained how the entrepreneur’s suitability will be assessed. It is also not clear now much capital entrepreneurs will need to commit in order to qualify.
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